Christmas is just a few weeks away, and from buying presents, planning events and filling the house with decorations, there’s a lot of money about to be spent.
And with Australians facing ever-increasing prices amid spiralling inflation, financial planner and Pivot Wealth founder Ben Nash has shared his top tips for savvy spending this Christmas and how to avoid a “financial hangover that you regret in the new year”.
Nash told The Morning Show, breaking down exactly how much money you have to realistically spend on merrymaking is “the first step”.
“One of the tricks is to know how much money you’re allocating for Christmas spending, how much for gifts, presents, parties,” he said.
Once you know how much money you have to spend, Nash recommends “to put that money aside in a separate bank account.”
A recent Finder report also gave a Christmas account the thumbs up, adding that setting up the account earlier in the year can also be advantageous.
“Gradually adding to an account over the course of year means you can easily have $500 – $600 saved by the time Christmas arrives,” it said.
“This type of account generally restricts access until the start of the holiday season, so you won’t be tempted to dip into your savings before then.”